Market News

Midday cash livestock markets

It’s another very quiet start for direct cash cattle trade activity.  Bids and asking prices haven’t resurfaced.  Yesterday, bids were floated at $340 to $348 dressed in Nebraska, but the rest of cattle country was quiet.  Asking prices were at $225 live in the South, but the North was quiet.  Packers are going to have to get more aggressive for any business to develop before the end of the day.

Boxed beef was mixed with light and solid demand for moderate offerings.  Choice was $2.41 lower at $375.96 and Select was $1.61 higher at $353.67.  The Choice/Select spread is $22.29. 

At the Apache Livestock Auction in Oklahoma, feeder steers and heifers were $5 to $10 higher.  Steers calves and heifer calves were $10 to $20 higher.  The USDA says quality was average to attractive, but demand was good.  Receipts were up on the week, but down on the year.  Feeder supply included 53 percent steers with 41 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 601 to 642 pounds brought $355 to $372 and feeder steers 813 pounds brought $337.  Medium and Large 1 feeder heifers 500 to 539 pounds brought $332.50 to $385 and feeder heifers 601 to 631 pounds brought $320 to $336. 

Cash hogs were not reported at midday due to confidentiality, there were just a handful of negotiated purchases. A slow finish to the week for the cash hog market wouldn’t be a big surprise.  Processors continue to control the pace of business and have been moving needed numbers at their pace.  The USDA’s export sales report showed another sluggish week of business.  While there are some bright spots when it comes to demand on both the global market and domestically, there are still long-term concerns that linger. The five-day rolling average for barrows and gilts at the National Daily Direct is $87.72; for the Iowa/Minnesota it’s $88.22; the Western Corn Belt its $88.22; it’s $84.98 for the Eastern Corn Belt. Butcher hog prices at the Midwest cash markets are steady at $62. 

Pork values were higher at midday, up $.30 at $92.11.  Bellies, hams, and ribs were all up.  Butts, loins, and picnics were down.